Posts Tagged ‘world’s largest poker sites’

Joe Cada back in Online Poker, but has Bar shut down

Friday, February 8th, 2013

The past couple of weeks have brought a whirlwind of emotions for 2009 WSOP Main Event champ Joe Cada. First, he finally got a residence set up in Canada so that he could play at the world’s largest online poker sites, such as his sponsor PokerStars.

But on a down note, he learned that his bar – Cada’s Sports Bar and Grill – is being shut down due to a liquor license investigation. That said, let’s take a look at both of these recent high and low points for the 25-year-old.

Back in the Game

In just a couple of months, we’ll be nearing the 2-year anniversary of Black Friday. And it wasn’t until now that Cada finally put himself into a position to play at the bigger poker sites. He set up a residence in Canada, which is just 45 minutes from his primary suburban Detroit home. He wrote about this on Facebook with the following:

Don’t know why it took me this long to start back online poker. Feels good to be motivated again and first day went really well online. I actually feel lucky to live in Michigan to be able to make the drive once or twice a week to play and be able to be home with family and friends. Now I need to find a way to play more live tournaments because I hate traveling most of the time for poker.

Closed for Business

In 2011, Joe Cada and his dad, Jerry, opened the “Cada’s Sports Bar and Grill” in their hometown of Sterling Heights, Michigan. And this establishment drew quite a crowd because the father/son combo had a charity gambling license, meaning people could play real money casino games in the bar.

Unfortunately, trouble started for Cada’s Sports Bar when their liquor license application was delayed in 2012. The stated reason was that it needed to be “held for further commission considerations.” But there’s reason to believe the bar may have been selling liquor even when the application was still under review. This being said, Cada’s Sports Bar and Grill has been closed down pending a further police investigation.

Don’t feel too sorry for Cada though. He earned $8,546,435 after becoming the youngest Main Event champion ever and has collected $9,330,211 in overall winnings. So it’s unlikely that he’s in any trouble as far as money goes.

Poker Backing Industry suffering

Wednesday, August 31st, 2011

The once thriving poker backing industry seems to have taken a major hit following Black Friday, where several of the world’s largest poker sites were forced to stop offering services to US players. With this being said, many online poker pros still have lots of money wrapped up on these sites (especially Full Tilt Poker), and they have no way to access the money.¬†All of this leads to the top pros being unable to back other players like they once did.

If you’re unfamiliar with poker backing, the process involves a businessman or poker player paying tournament entry fees, and/or providing a cash game bankroll for promising players. In return, the backed players will split all of their profits with the backer.¬†Unfortunately, these deals have become less and less common since many professional US players are quitting the game because they can’t play at the largest sites, and are looking for new opportunities.

Furthermore, online poker tournaments were a huge part of the backing industry since good players could play multiple tournaments at once, and easily turn a solid profit due to the large tournament volume. But with this option taken away, both backers and the talent they backed are finding it difficult to survive post-Black Friday.

So does this mean the poker backing industry is completely dead? Not at all since there are still many non-US-backed players who can play at PokerStars, Party Poker and Titan Poker. Even in the US, players can still get a decent volume of tournaments in at some of the smaller sites, and there are plenty of big live tournaments left too.

The only thing is that few people expect poker backing to ever return to the same height it was at before Black Friday. However, we could see some new developments depending on how the possible US poker regulation turns out.